Separately Managed Accounts
Intermediate-Term Municipal Bond
Investment Objective
To maximize tax-exempt income over an intermediate-term time period (i.e., 5-10 years) and preserve capital.
Investment Team
The portfolio is managed by a team of tenured research professionals who are responsible for the active selection of securities within the strategy.
Performance
As of 09/30/2024
YTD
1.94%
1 Year
5.98%
3 Year
-0.01%
5 Year
0.56%
10 Year
1.01%
Inception
01/01/2000
2.61%
Composition
At the time of purchase:
- 5% maximum of any one issuer
- 50% maximum of municipal revenue bonds in aggregate
- 100% investment-grade underlying credit quality
Maturity
- Maximum maturity of 10 years for each investment.
0% - 0% Equities
Investment Process
The firm’s economic overview and long-term fundamental valuations guide duration management targets set by the Fixed Income Team. The Fixed Income Team then establishes a current strategy for the portfolio, where securities are selected from a broad universe and meet specific valuation criteria. We use proprietary rating/ranking models extensively in our analysis. After securities are purchased, they are monitored on an ongoing basis and additional purchases or sales are evaluated as conditions and pricing dictate.
The Manning & Napier Intermediate-Term Municipal Bond Composite is a weighted average of discretionary separately managed accounts with an Intermediate-Term Municipal Bond objective. Accounts in this composite must have a market value greater than $100,000 and tenure of at least one month under our management. The investment objective of accounts in this composite is to reduce reinvestment rate risk and seek to optimize returns, while reducing tax consequences through the use of municipal fixed income securities. Generally, Intermediate-Term Municipal Bond accounts invest in securities with a maximum maturity of ten years. . Net-of-fee returns shown reflect the deduction of a model advisory fee applied to the Gross-of-fee returns on a monthly basis. The model advisory fee is determined by applying the strategy’s tiered fee schedule to every account included in the composite, and is inclusive of management fees, advisory fees, and custody fees for Manning & Napier’s affiliated trust company, Exeter Trust Company. Actual account level fees will vary with size and circumstances and these fee differentials would impact returns accordingly. Returns shown do not reflect the deduction of fees paid to an investor’s personal financial advisor, solicitations fees, or third-party custodian costs, as applicable. Past performance does not guarantee future results. All returns were earned in USD and are stated here in USD. All data are subject to revision. Performance for periods greater than one year is annualized.
Investment Objective
To maximize tax-exempt income over an intermediate-term time period (i.e., 5-10 years) and preserve capital.
Investment Team
The portfolio is managed by a team of tenured research professionals who are responsible for the active selection of securities within the strategy.
Composition
At the time of purchase:
- 5% maximum of any one issuer
- 50% maximum of municipal revenue bonds in aggregate
- 100% investment-grade underlying credit quality
Maturity
- Maximum maturity of 10 years for each investment.
Performance
As of 09/30/2024
YTD
1.94%
1 Year
5.98%
3 Year
-0.01%
5 Year
0.56%
10 Year
1.01%
Inception
01/01/2000
2.61%
Investment Process
The firm’s economic overview and long-term fundamental valuations guide duration management targets set by the Fixed Income Team. The Fixed Income Team then establishes a current strategy for the portfolio, where securities are selected from a broad universe and meet specific valuation criteria. We use proprietary rating/ranking models extensively in our analysis. After securities are purchased, they are monitored on an ongoing basis and additional purchases or sales are evaluated as conditions and pricing dictate.
The Manning & Napier Intermediate-Term Municipal Bond Composite is a weighted average of discretionary separately managed accounts with an Intermediate-Term Municipal Bond objective. Accounts in this composite must have a market value greater than $100,000 and tenure of at least one month under our management. The investment objective of accounts in this composite is to reduce reinvestment rate risk and seek to optimize returns, while reducing tax consequences through the use of municipal fixed income securities. Generally, Intermediate-Term Municipal Bond accounts invest in securities with a maximum maturity of ten years. . Net-of-fee returns shown reflect the deduction of a model advisory fee applied to the Gross-of-fee returns on a monthly basis. The model advisory fee is determined by applying the strategy’s tiered fee schedule to every account included in the composite, and is inclusive of management fees, advisory fees, and custody fees for Manning & Napier’s affiliated trust company, Exeter Trust Company. Actual account level fees will vary with size and circumstances and these fee differentials would impact returns accordingly. Returns shown do not reflect the deduction of fees paid to an investor’s personal financial advisor, solicitations fees, or third-party custodian costs, as applicable. Past performance does not guarantee future results. All returns were earned in USD and are stated here in USD. All data are subject to revision. Performance for periods greater than one year is annualized.